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2 answers

At Year 14, you'd have $415785.64. Of course, this presumes your interest isn't being taxed.

2006-12-03 01:11:53 · answer #1 · answered by Anonymous · 0 0

It is assumed that the interest would be applied annually and compounded annually. (If it is annual simple interest @5%, then obviously it would take 20 years to double the money.)
$1 @5% compounded annually would earn an interest of
$ 0.9799 (approx.) at the end of 14 years and $ 1.0789 (approx.) as interest after 15 years. Just multiply the capital invested by these figures to get the capital+interest amount that would be close to double the amount.

2006-12-03 09:21:24 · answer #2 · answered by greenhorn 7 · 0 0

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